A dedicated state-owned entity, the ‘Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation’, has been established with the strategic objective of promoting fisheries sector products under a unique Maldivian brand, the government has announced. The decision to establish the new company was reached during a cabinet meeting held on Sunday, Mohamed Shahyb, the Chief Spokesperson at the President’s Office, said.
The corporation is tasked with promoting and marketing Maldives’ fisheries sector products, including aquaculture, mariculture, and other marine resources products, in both domestic and international markets. “The corporation’s mission is to promote and market fishery products under a distinctive brand in the local and international market and to position them as premium products while seeking new markets for Maldives’ fisheries sector products,” Shahyb stated.
The government anticipates that this initiative will require an investment of MVR 37 million, which will be arranged through the budget for the next year.
With the inauguration of the new company, the Maldives Fisheries Promotion Board, which was formed earlier with a similar mandate, has been dissolved. The newly formed fisheries promotion corporation will operate in a manner akin to the Maldives Marketing and Public Relations Corporation (MMPRC), which is mandated to promote the Maldives as a premier tourism destination, Shahyb added.
The 100% state-owned enterprise aims to augment the profits of fisheries enterprises that include aquaculture, mariculture, and other marine resources by promoting and marketing Maldives fisheries products, according to the President’s Office. In addition to seeking out new markets, the corporation will position them as premium products in international markets under a unique Maldivian brand.
The Maldives first passed a fisheries law in August of 1987, and the new Maldives Fisheries Act was passed in September 2019 during the Ibrahim Mohamed Solih administration. The new law, developed with input from local fishing communities and industry stakeholers, ensures the proper regulation and management of the fisheries sector. It promotes sustainable forms of fishing, such as pole and line and hand-line fishing, while imposing a complete ban on harmful methods, such as fishing with trawl nets.
Despite the significant role of fisheries and tourism in the Maldivian economy, the fisheries sector faces numerous challenges. The lack of governance, deficiencies in management and technology, and the absence of an enabling business environment are exerting pressure on the fisheries sector, according to the World Bank.